World

Central Bank of Sudan devaluates national currency

2018-02-05 09:12:38

KHARTOUM, Feb. 4 (Xinhua) -- The Central Bank of Sudan on Sunday decided to devaluate the Sudanese pound (SDG) against U.S. dollar at an exchange rate of 30 SDGs for one dollar.

Early in January, the central bank devaluated SDG against U.S. dollar from 6.9 to 18 pounds.

Late last December, the Sudanese parliament approved the country's general budget for 2018.

The budget introduced measures to reduce government expenditure, including stopping construction of government buildings and purchasing vehicles, and ceasing all incentives and bonuses unless authorized by the Ministry of Finance.

The budget intends to achieve a growth rate of 4 percent and reduce the inflation rate to 19.5 percent.

The secession of South Sudan in 2011 has negatively affected the Sudanese economy as the country lost around 70 percent of its oil revenues.

Even the lifting of the U.S. economic sanctions on Sudan last October has failed to halt the decline of the exchange rate of the Sudanese pound, which stood at 41.7 pounds to one dollar in the black market on Sunday.